GameStop shocks with a hefty multi-billion dollar bid to buy eBay

GameStop has proposed an unsolicited $56 billion cash-and-stock bid to acquire eBay, valuing the stock at $125 a share.

The offer implies about a 20% premium, and GameStop says it has already built a near-5% stake in eBay.

CEO Ryan Cohen says GameStop has lined up roughly $20 billion in debt financing and may bring in outside investors, including sovereign wealth funds.

If eBay’s board rejects the deal, GameStop is prepared to take the offer directly to shareholders.

A successful acquisition would dramatically reshape GameStop and create a much larger e-commerce platform aimed at competing with Amazon.